Loans are the life savers for the people who are struggling in their critical phase. As times passes by, you may think that availing the loan was one of the worst decisions that you have taken. This is because the loan was taken in a hurry without proper research work.
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Information you must know before applying for personal loan
Here are some of the important tips that one can follow while availing a loan:
Avoid availing Multiple Loans:
Always remember it is only 40 %. While availing any loan like personal loan, you must ensure that your monthly EMI must not go more than 40 % of your monthly salary. It is even more considerable when you are paying more than one EMI’s for different loans like two wheeler loans or car loan. If you have availed multiple loans, these can pose different problems and can be very tricky. If your entire monthly EMI’s consumes only 40 % of your salary, it will help in saving your time and valuable money.
Loans and Investments are the serious subjects. If you are not well aware for these products, do not hesitate to learn. You must do a thorough research right from some basics like EMI payments, pre- payment, interest rates, personal loan transfers. Once you are familiar with all parameters, you will get to know how a loan works. It will help an individual to save an enormous amount of sum and time.
You must do a thorough research before selecting any lender for your Unsecured Loan. If banks say they have low interest rates, do not say yes with the excitement ,it may include hidden charges. You must check with every bank on different Online Financial Portals if they are offering fixed rate, floating rates, annual balance rates etc. You must compare various loan offers across 4 to 6 banks.
Check for Interest rates:
Interest rates are the most crucial factors that very person pays every month. Therefore, you must go for the cheapest option. Some of the banking terms may seem to be cheap like flat personal loan interest rates, however, in reality they are most expensive. Therefore, it is wise to select the monthly reducing option than a flat rate or half yearly option.
Avoid signing blank documents:
A person must not sign any blank documents. Even if it takes some time to fill up the application form, please do so. You must not leave anything for the executive to fill by himself. If you have handed over your documents to an associate, you must check his employee ID and must enquire whether he is associated with the bank or not.
Ask for important documents:
Make sure that whatever deal has happened are supported by some relevant papers. Always ask for letter in banks name from bank mentioning the exact rate of interest, processing fees, prepayment charges along with the tenure period.
These important terms must be well understood by the borrower while choosing the best loan deal.
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